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Create a 14 pages page paper that discusses the relevance of entrepreneurship in strategic management.
Create a 14 pages page paper that discusses the relevance of entrepreneurship in strategic management. Thus the concept of entrepreneurship is a wide-ranging one encompassing on one end, that of an entrepreneur, who is typically a person of high technical aptitude and .
Karami (2007, p.17) cites Stevenson to define entrepreneurship as the pursuit of opportunity beyond the tangible resources in the possession of the person concerned. The successful entrepreneur is the one who identifies the right opportunity and acts quickly to capitalize on it. According to Kuratko,D.F (2007, p4) an entrepreneurship is characterized by the manner in which activities are undertaken therein, which are quite different from the normal business routine, so much so that the phenomenon comes under the wider aspect of leadership. He further cites Robert C Ronstadst to state that entrepreneurship is the dynamic process whereby individuals who assume major risks in terms of equity, time, career commitment or provisioning of some service or product create incremental wealth (Kuratko,D.F. 2007 p.5)
The term strategy is originated from the Greek word strategos which means a general in the military. A modern definition of strategy is “The art and science of developing and using political, economic, psychological and military forces as necessary during peace and war to afford the maximum support to policies, in order to increase the probabilities and favorable consequences of victory and to lessen the chances of defeat”( Karami,A. 2007, 3) . Though originally of a military context, the term strategy has been used in totally different contexts involving social and management sciences as conceptualizations for addressing the general directional and management policy needs of a business enterprise which are different from the daily performance needs of a routine nature. .
